When I was a kid I used to love to watch The Price Is Right. I would watch with anticipation as each player was instructed to “Come On Down” to their spot below the stage and to do their best to guess the price of some electronic, piece of furniture or something fun like a trampoline to get up on that stage and try to win really great things like trips and cars. And to earn that spot on the stage you had to come the closest to the actual price of the item, without going over. As long as you were at or below the actual price, you had a chance to win. Go over the actual price and you would have no chance to win. When you think about selling real estate, its much like this game. Overprice your property and you are automatically a loser, because few, if any buyers will be interested. Also like the game show, if you price the property too low, you will most likely have a quick sale (still in the game), but how much money did you fail to put in your pocket? So that’s not a real win. How can you be sure to achieve the best price for your property? Just like the best part of the game show, a little healthy competition of course.
Recently we had a client who wanted to sell her home. She had recently inherited a home and had decided it was time to put her previous home on the market. She contacted our team and we met with her to discuss her goals and what she would like to achieve for her property. There were some unique things about the home with the first being location. It offered close proximity to the downtown area and was in a highly sought after school district. It was on a supersized lot and the property perimeter was flourishing with shrubs and hedges, giving it that very private feel. But it was also an older home, and needed some updating. She said she didn’t want to take the chance of under-pricing the property and wanted to use the online bidding method to allow competition to determine the highest price achievable.
After a full-blown marketing campaign that lasted approximately 30 days, our team had generated 14 potential buyers for the home. The online bidding opened for 48 hours and the first bid was placed within the first 10 minutes. Bidding was consistent throughout the 48 hours with the high bidder keeping two other bidders at bay to win the property. And what were the results? The high bid exceeded both the seller’s and our expectations. It achieved 66% more than the offer she had initially received from a friend of the family before listing it and it achieved 13% more than tax value. We had a very happy client and a happy buyer.
So don’t spend time fretting about determining the right price for your property. Let one of our team members “Come On Down” and meet with you to discuss how online bidding for your property can achieve these same results. And when you have successfully sold your property for top dollar, you will be sure The Price is Right!